LaMott - A Homeowner's Dream?

It seems that there is a lot of interest in our little area! Here is an excerpt from some mail that I received about this area:


Dear LaMott Neighbors,

We have getting so many requests for information about this neighborhood that we have decided to put together a newsletter to update everyone.

There are currently five houses on the market in the Lamott neighborhood, with prices ranging from $84,900 to $250,000. Of those, none are under contract.

In the past 6 months, three have sold. They are shown below.

When you are ready to make a move, we know how to use these facts to get the job done quickly. We are still in an active market and interest rates remain amazingly low.

For more information about the real estate market conditions in the neighborhood, please don't hesitate to contact our Realty Office, your Lamott neighborhood professionals....for that "extra effort" you can count on!

Who do you know that we can help?


Here is a list of properties that have sold in our area last year:

• 1721 W. Cheltenham Ave, Twin 2 story colonial, 3 bedroom, 1-1/2 baths - sold for $135,00
  
  
• 7327 Butcher St, Twin 2 story AirLite, 3 bedrooms, 1 bath - sold for $140,000
  
  
• 1805 Erlen Rd, Twin 2 story StrThru, 3 bedrooms, 2-1/2 baths - sold for $183,237
  

An Old Video Of Temple Students Moving In (Or Are They Moving Out)

Here is a short video that I took a very long time ago. I noticed that it was on my Youtube page but I had not posted it here.

Of course this was taken a very long time ago when there were still students attending Temple's Tyler School of Art. Of course if you have not heard Temple has now moved the students to their campus on Broad Street by Broad and Cecil B. Moore.

The school and the surrounding site are now up for sale - which includes the community garden as well.

The Dominican Retreat House May Be In Trouble!

Located in Elkins Park the property formerly known as the Dominican Retreat House may be facing some financial difficulty.

The property was purchased by the Land Conservancy of Elkins Park Inc. but it may be facing foreclosure.

The former owners of the property, The Dominican Sisters of St. Catherine de Ricci, have taken legal action to foreclose on the property because multiple mortgage payments have not been made.

Both sides are hoping to come to some sort of agreement.

source
The Times Chronicle

Commercial Property For Sale!

Unfortunately the property that houses the The Printing Place on Cheltenham Avenue is up for sale. They are looking for a buyer.

Here is the information that has been provided by the realtor:




Commercial Property For Sale

1726 W. Cheltenham Ave

If you know of any savvy investors or entreprenuers that are interested in this mixed use commercial property with great income possibilities then you are urged to contact the realtor who is connected with this property.

The first floor is open space with two offices. There is great potential for a beauty salon, restaurant/deli and other kinds of commercial business for this property located in a high traffic area.

The second floor is a two bedroom, tenant occupied apartment.

Centrally located between Cheltenham Mall and Broad St. on a corner lot which is perfect exposure for a potential business.

---

Update!

As of August 2012 it seems that the property has been bought and the Printing Place is currently still there.

Area Ordinance - Fencing In Your Property!

I didn't know it until recently that our local area has an ordinance about the type of fencing that one can put around one's home. Apparently the fence has to be see-through - at least partially - meaning that while some aspects of the fence have to be see-through, it doesn't have to be that way on all four (or two) sides. I'm guessing that this is because of the fact that the police in the area would like to be able to see what is going on in the neighborhood and they will have a better view of things going on in the area if their views are not obstructed.


In a way this makes sense to me because I have heard stories from neighbors in the area about attempted thefts in and around their properties, so I can see why this area would this kind of ordinance.

What happens if you don't follow this ordinance and you build a solid fence or fencing around your property? You could get fined and have to pay a fee!

I Noticed A Lot More Houses For Sale

As I went to the store Saturday I noticed that there were a lot more houses for sale. One house that previously had a "For Rent" sign on it now has a "For Sale" sign on it. There is one particular house on Cheltenham Avenue that was previously up for auction now has a "For Sale" sign on it as well. There is also another property for sale on Cheltenham Avenue.

I don't know the circumstances of why these houses were put up for sale. I do know that the area had and still has a lot of older residents but some of them have died off and I guess either their estate or their heirs want to sell the property.

As much as I love this area I hate seeing property being put up for sale. I'm sure that whoever put these houses up for sale had their reasons and they are probably very good reasons too. It's hard being able to stay in this area. The property taxes are high and we get 2 property tax bills a year. Someone told me that in Philadelphia there is only one property tax bill a year.

Foreclosure Laws In Pennsylvania

In previous posts I have talked about the devastating effects of having one's home go into foreclosure so I thought that it would be a good idea to post here about the foreclosure laws in Pennsylvania:

Pennsylvania Foreclosure Law

- Pennsylvania Judicial Foreclosure Available: Yes

- Pennsylvania Non-Judicial Foreclosure Available: No

- Primary Security Instrument: Mortgage

- Timeline: Typically 90 days

- Right of Redemption: No

- Deficiency Judgments Allowed: Yes

In Pennsylvania foreclosure law, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Pennsylvania Judicial Foreclosure

According to Pennsylvania foreclosure law, the lender must send a notice of intent to foreclose to the borrower before any foreclosure proceedings may begin.

The notice of intent must be sent, by first class mail, to the borrower, at their last known address and if different, to the property secured by the mortgage. The notice should not be sent until the borrower is at least sixty (60) days behind in their mortgage payments.

Foreclosure Law in Pennsylvania - Philadelphia and Pittsburgh

In the notice, the lender must make the borrower aware that his or her mortgage is in default and that it is their (the lender's) intention to accelerate the mortgage payments if the borrower does not cure the default within thirty (30) days. This means that the remaining balance of the original mortgage will come due immediately.

Pennsylvania foreclosure law states that if the borrower does not cure the default by paying the past due amount, plus any late charges that have accrued, within the thirty (30) days, the lender may then file a suit to try and obtain a court order to foreclose on the property.

If the court finds in favor of the lender and issues an order of sale, the property will be sold at a Sheriff's sale under the guidelines established by the court. The borrower has the right to cure the default and prevent the sale at any time up to one hour before the Sheriff's foreclosure sale.

Lenders have up to six months after the foreclosure sale to file for a deficiency judgment. Borrowers have no rights of redemption under Pennsylvania foreclosure law once the foreclosure sale is complete.

This House is NOT for Sale!

Today as I was walking down Willow Avenue to go to the store I noticed a sign on one of the houses (actually it was a note) that said (in no uncertain terms) that "This House Is Not For Sale". I got a smile on my face because I know that these people must have gotten a lot of people asking them if their house was for sale. At least they put up a note that said that it wasn't for sale. Politely speaking the home wasn't the best looking home on the block but that didn't really matter. It can really be hard to maintain a home - especially when its an older home. If and when you don't have the money either you do the work yourself or it just doesn't get done! Now that the weather is starting to get nicer I see more and more people working on their homes and some of them are doing it theirselves. I'm not going to say that they love working on their houses (maybe some of them do) but when the weather is nice they are out there.

I don't know what's the story with the "This House Is Not For Sale" house. It could be any number of reasons. The people that live there may be older and can't do the work theirself or it could be a reason of not having enough money. Whatever the reason is I can certainly identify. Outside work like trimming trees, painting a house or just general outside repairs and maintenance can cost a pretty penny. Not everybody that lives here is rich and there are a lot of older residents who are just getting by with their pension or social security.

I have receive more than a few mailings that said something to the effect of "We want to buy your house" - how they got my name I will never know. I actually had someone knocking on my door asking if this house was for sale (which I thought was rude!). Realators are always on the lookout for houses that are for sale in this area. I have even had people see me outside and ask me if there were any properties in the area that were for sale. I have kept my eye out for properties that are for sale and have given this information to a few of them. As a matter of fact I noticed 2 "for sale" signs today as I was walking to the store. One was right on Cheltenham Avenue between 19th and 17th streets and the other property for sale was a few blocks up.

It's a terrible thing not to be able to pay for repairs or general maintenance but just because a house is not the most prettiest one on the block doesn't mean that it's for sale.

Another Sad Story About Someone Losing Their House

I just found out about this yesterday. Another neighbor in the area has lost their home - not their house, not their property - but their home! It's always so sad to hear stories like this because I know that people in this area have lived in their houses for years! Unfortunately in this case the cost of the property taxes was the culprit! Mind you, the property taxes in this area are very high and what makes it worse is that there are 2 property tax bills that are due each year! Someone told me that in Philadelphia there is only one property tax bill.

The first property tax bill due in April is the smaller of the two. The second property tax bill is due in September and is more than twice the amount of the first bill! When the property taxes are paid as part of the mortgage bill that makes things a little bit easier but not everyone has that type of mortgage.

I do not know the particulars of this neighbor's situation so I don't know what their financial status was (or is) but I do know a little about this property tax thing. On the property tax bill itself it says that the property taxes have to be paid by the end of the year or their will be a lien put on the property. And of course if that lien isn't paid then the property can be sold for the property tax amount owed. Now here is where I get a little foggy.......Does that mean that whatever the house sells for the property tax bill is paid but what happens to the amount that the house sold for that is more than the tax bill itself? Does that extra amount go to the property owner or does it go to property tax people? Is the house being sold for its fair market value or for the amount of the property tax owed only?

I've seen a lot of ads and literature about how their are sales of properties for the amount of back taxes owed so does that mean that they are selling the properties for just the amount of the property taxes owed?

It may seem like a very good opportunity for the real estate investor but it is not a very pleasant experience for the people that are losing their homes.

By the way from what I have heard the people that lost their home are temporarily living in a house a few blocks away. As a matter of fact from what I have been told their property has already been sold!

The Property In This Area?

Well it happened to me again. I was walking to the store and someone asked me about the property in the area. They were interested in buying property in this area because they liked it. They also told me that they have a young child and just wanted somewhere nice to live.

Oddly enough they told me that they couldn't find any "for sale" signs and I say that its odd because I have seen more than a few in the past year! I guess that's just because I live here.

I was also talking to a realtor a few months back about something else and HE mentioned about his interest in the area - not only because he's a realtor but because HE has a property in the area and I think that he also used to live in the area as a child too.

This isn't the 1st time that I have been asked about the property in this area. People see the area and like it and are curious or interested about it and a few people have asked me to keep a lookout for any property that becomes available.

It's odd in a sense because there have been periods where there were no houses for sale and then just the opposite will happen and then there are quite a few houses for sale. LaMott is an historical area and some of the houses are over 100 years old and a lot of the residents are older residents and when they die their family will either sell the house or live in it themselves. It's a 50/50 kind of thing. One of my neighbors was an 80 year old man and when he died his family put the house up for sale and it took about 4 or 5 months before it got sold. Another neighbor on my street was an elderly woman who stayed in her house after her husband died and when she died the house was put up for sale. In that case there wasn't even a "for-sale" sign on the property because it was sold in a matter of days! There's a house on the next block that has a "for sale" sign on it. I don't know the people that own it. There's a house on Cheltenham Ave. that was recently sold at an auction. And I'm not even counting the houses that I DON'T iknow about. I've heard from some about the high property taxes and that paying them is a problem and they are considering selling as well.

Since its located just a "hair" from Philadelphia its sort of like the Phildelphia area. In fact a lot of people told me that they didn't even know that this area existed.